Consider a market in which the supply curve is perfectly inelastic. If there is an increase in demand, what will happen to the equilibrium price and quantity? a) Price will increase, quantity will remain the same b) Price will remain the same, quantity will increase c) Both price and quantity will increase d) Neither price nor quantity will change

Which of the following will produce a price increase for Good X? For each case, plot a chart with supply and demand curves to show your idea. Demand rises while Supply falls. Demand falls while Supply is constant. Supply falls while Demand is constant. Demand falls faster than Supply falls. Supply rises while Demand falls. Demand rises faster than Supply rises.

If supply is upward sloping, a decrease in demand with no change in supply will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price

Consider the supply and demand for electric cars. If the materials used to make specifically electric car batteries become significantly more expensive at the same time that consumer income drastically increases, what will happen to the price and quantity demanded of electric cars?

What are some general factors that can impact the demand for a product and the supply of a product? Identify at least two factors for each and explain the different ways these determinants can shift supply and demand either left or right.

‌If we observe the price of a good or service rising, then the most likely cause is ‌an increase in demand‌ a temporary surplus a small increase in demand followed by a huge increase in supply an increase in supply

In a market, if the price of a good is set below the equilibrium price, what will happen? a) Shortage b) Surplus c) Equilibrium d) Price ceiling

When an economist states the supply of a product has decreased, he or she has concluded that a) A smaller quantity will be produced at every price b) The price is too high for equilibrium c)a greater quanity will produced at every price d) the price is too low equilibrium. e) demand was too high for producers to make a profit.

If, at the current price, there is a surplus of a good, then: A) the quantity demanded is greater than the quantity supplied. B) the market must be in equilibrium C) the price is above the equilibrium price D) Both A and C.

Initially, the market for nitrile gloves is in equilibrium. In applying the concepts of supply and demand, which of the following will happen at the new equilibrium point in the nitrile gloves market if the demand curve shifts to the right by the same amount that the supply curve shifts to the right? The price of nitrile gloves will increase. The price of nitrile gloves will decrease. The price of nitrile gloves will stay the same. There will be a surplus of nitrile gloves in the market. There will be a shortage of nitrile gloves in the market.